Australia's consumer confidence improved during the week ended July 23, after falling in the previous two weeks, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.
The consumer confidence index climbed to 115.1 from 112.5 in the preceding week. Moreover, this was the highest score since February.
The increase in confidence was driven primarily by an improvement in consumers' views towards both current and future economic conditions.
The index measuring 'time to buy a major household item' rose 1.8 percent last week. Inflation expectations were unchanged at 4.3 percent on a four-week moving average basis.
"The solid increase in confidence last week is very encouraging and likely reflects another good jobs report along with the RBA's broadly positive assessment of domestic conditions in the minutes of the July board meeting," ANZ's head of Australian Economics, David Plank, commented.
"We expect labour market conditions to continue improving, although at a slower pace, now that the period of catch up between official and survey based measures is largely complete."
"We will be closely watching Governor Lowe's speech and the CPI release out later this week for further insight into the RBA's assessment of the labour market and the course for monetary policy."
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